Authorities dismantled a cryptocurrency fraud ring worth tens of trillions of dong.
The police have just dismantled a large-scale network operating nationwide, engaging in "violations of regulations on multi-level marketing" and "using computer networks, telecommunications networks, and electronic means to commit acts of property appropriation" through the mobilization of financial investments in virtual cryptocurrencies.
Previously, through investigative work, in June 2025, the Lao Cai Provincial Police discovered a group of individuals organizing conferences in Lao Cai province with the aim of encouraging people to invest in virtual cryptocurrencies that do not exist on the market. This activity showed signs of "Violating regulations on multi-level marketing" and "Using computer networks, telecommunication networks, and electronic means to commit illegal acts."misappropriation of property"
Recognizing this as a large-scale fraud ring operating nationwide, the Director of the Lao Cai Provincial Police directed the establishment of a special task force to combat and dismantle it. On August 24th, the Provincial Police, in coordination with the Cyber Security and High-Tech Crime Prevention Department and the Criminal Police Department of the Ministry of Public Security, deployed six task forces with nearly 100 officers to simultaneously crack down on the operation and conduct searches at multiple locations across the country (Lao Cai, Hanoi, Ho Chi Minh City, Gia Lai, etc.).
The operation resulted in the arrest of 25 individuals, including the mastermind and all related suspects. Initial investigations revealed that the suspects had conducted illegal transactions totaling tens of trillions of VND. The police promptly froze accounts and assets worth over 400 billion VND.
At the police station, the suspects confessed to creating apps and websites to post information about a virtual cryptocurrency that did not exist on the market, and then enticing unsuspecting people to invest real money to buy this virtual cryptocurrency. The suspects also instructed customers to recruit more people to invest in order to receive commissions (using a multi-level marketing scheme). However, the suspects did not allow withdrawals of the principal amount, with the intention of defrauding the victims.
Currently, the Criminal Investigation Department of the Lao Cai Provincial Police is continuing to expand the investigation and clarify the actions of the suspects in accordance with the law.
